Bybit Hacker Launders 100,000 ETH: A Deep Dive into Stolen Ethereum Funds

According to recent reports from Spotonchain, the notorious Bybit hacker has successfully processed the laundering of approximately 100,000 ETH, equating to about $250 million. This significant amount marks 20% of the total 499,000 ETH that was illicitly obtained. The hacker is strategically dispersing these funds across multiple wallet addresses, demonstrating a sophisticated approach to obscuring the transaction trail. Additionally, the use of THORChain for cross-chain swaps to major assets like BTC and DAI further complicates tracking efforts. Currently, this individual retains a staggering 399,000 ETH, which surpasses the total holdings of Ethereum’s co-founder, Vitalik Buterin, or the Ethereum Foundation. This situation not only raises security concerns within the crypto market but also highlights the challenges in combating crypto-related crimes.